3.2 Repayment Reporting (Old System)
(48).webp "3.2 Repayment Reporting (Old System) - Quiz")
- 1.
Optional: Please provide your feedback on this video (this question is not graded): Do you have any comments about this video?
- 2.
Please provide your feedback on this video (this question is not graded): How would you rate this video?
- A.
5 - Excellent
- B.
4 - Very Good
- C.
3 - Good
- D.
2 - Fair
- E.
1 - Poor
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- 3.
Why is repayment reporting important? Check all that apply.
- A.
Journaling rate: Your journaling rate will decrease if you fail to report repayments.
- B.
Risk transfer: Kiva will only invoice you for the amounts you have actually collected from the borrower, even if they paid less than expected.
- C.
Borrower-lender connection: Kiva lenders must have accurate information on how borrowers are doing.
- D.
Avoiding refunds: Kiva will refund a loan if you fail to report the repayment amount.
Correct Answer(s)
B. Risk transfer: Kiva will only invoice you for the amounts you have actually collected from the borrower, even if they paid less than expected.
C. Borrower-lender connection: Kiva lenders must have accurate information on how borrowers are doing.Explanation
Repayment reporting is important for two main reasons. Firstly, it allows for risk transfer, as Kiva will only invoice the lender for the actual amounts collected from the borrower, even if it is less than expected. This helps protect the lender from potential losses. Secondly, accurate repayment reporting is necessary for maintaining the borrower-lender connection. Kiva lenders rely on this information to assess how borrowers are doing and make informed decisions about future lending. By providing accurate information, lenders can have confidence in their investments and continue to support borrowers in need.Rate this question:
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- 4.
What happens if you fail to report repayment for a particular loan?
- A.
Kiva will not invoice you for the loan.
- B.
Kiva will invoice you for the full outstanding amount of the loan.
- C.
Kiva will refund the loan.
- D.
Kiva will assume that the borrower is paying back on time and will invoice you accordingly.
Correct Answer
D. Kiva will assume that the borrower is paying back on time and will invoice you accordingly.Explanation
If you fail to report repayment for a particular loan, Kiva will assume that the borrower is paying back on time and will invoice you accordingly. This means that Kiva will send you an invoice for the amount that the borrower is supposed to repay, even if you haven't received the repayment from the borrower.Rate this question:
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- 5.
You posted a loan in PA2 with the repayment schedule shown below (format of collection dates is month/day/year). In your repayment report for January, you report that the borrower has only repaid $50 in principal. What will Kiva invoice you for this loan?
- A.
$100
- B.
$50
- C.
$300
- D.
$0
Correct Answer
B. $50Explanation
Based on the information given, the borrower has only repaid $50 in principal. Therefore, Kiva will invoice you for the amount that the borrower has repaid, which is $50.Rate this question:
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- 6.
How often must you upload a repayment report in PA2?
- A.
Daily
- B.
Weekly
- C.
Monthly
- D.
Annually
Correct Answer
C. MonthlyExplanation
In PA2, the repayment report needs to be uploaded on a monthly basis. This indicates that the report should be submitted once every month.Rate this question:
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- 7.
How should your repayment report be formatted (assuming that Loan IDs are unique within your organization)?
- A.
2 columns: Loan ID or Kiva ID, cumulative principal repaid or total amount outstanding (depending on setting)
- B.
2 columns: Client ID, cumulative principal repaid or total amount outstanding (depending on setting)
- C.
2 columns: Loan ID or Kiva ID, principal repaid within previous month
- D.
3 columns: Loan ID or Kiva ID, principal repaid within previous month, interest repaid within previous month
Correct Answer
A. 2 columns: Loan ID or Kiva ID, cumulative principal repaid or total amount outstanding (depending on setting)Explanation
The repayment report should be formatted with 2 columns: Loan ID or Kiva ID, and cumulative principal repaid or total amount outstanding (depending on the setting). This format allows for easy tracking of the repayment progress for each loan or client, providing a clear overview of the amount repaid or the remaining balance. The inclusion of the Loan ID or Kiva ID helps to uniquely identify each loan, ensuring accurate record-keeping.Rate this question:
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- 8.
When should you begin preparing the repayment report for December?
- A.
January 1 or as soon as all repayment data from December has been updated in your MIS
- B.
January 12
- C.
January 15
- D.
January 31
Correct Answer
A. January 1 or as soon as all repayment data from December has been updated in your MISExplanation
The repayment report for December should be prepared on January 1 or as soon as all repayment data from December has been updated in your MIS. This is because January 1 is the start of the new month and it is important to begin preparing the report as soon as all the necessary data is available. Waiting until January 12, January 15, or January 31 would result in a delay in preparing the report and may cause inaccuracies in the data.Rate this question:
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- 9.
What is the deadline for uploading your December repayment report to PA2?
- A.
December 12
- B.
January 1
- C.
January 12
- D.
January 15
Correct Answer
C. January 12Explanation
The deadline for uploading the December repayment report to PA2 is January 12.Rate this question:
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- 10.
Within the Repayment Summary in PA2, what does the “Number of Loans with Repayments in [month]” represent?
- A.
Number of loans for which Kiva expects you to report repayments, but for which you have NOT yet reported
- B.
Number of loans for which Kiva expects you to report repayments
- C.
Number of loans that were reported as on time
- D.
Total number of loans that you have ever posted in PA2
Correct Answer
B. Number of loans for which Kiva expects you to report repaymentsExplanation
The "Number of Loans with Repayments in [month]" represents the number of loans for which Kiva expects the user to report repayments. This means that Kiva is waiting for the user to provide information about the repayments for these loans.Rate this question:
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- 11.
You upload a repayment report in PA2 and notice that one of the loans has an error. What does an error indicate?
- A.
There is a notable variance between the repayment amount that you reported and the amount that Kiva expects.
- B.
You have forgotten to include the amount of interest repaid.
- C.
Your internet connection was interrupted while you were attempting to upload the report, so PA2 is not able to save the repayment amount.
- D.
There is a problem with the Loan ID, so PA2 is not able to save the repayment amount.
Correct Answer
D. There is a problem with the Loan ID, so PA2 is not able to save the repayment amount.Explanation
An error indicates that there is a problem with the Loan ID, so PA2 is not able to save the repayment amount.Rate this question:
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- 12.
You upload a repayment report in PA2 and notice that one of the loans has a warning. What does a warning indicate?
- A.
There is a notable variance between the repayment amount that you reported and the amount that Kiva expects.
- B.
You have forgotten to include the amount of interest repaid.
- C.
Your internet connection was interrupted while you were attempting to upload the report, so PA2 is not able to save the repayment amount.
- D.
There is a problem with the Loan ID, so PA2 is not able to save the repayment amount.
Correct Answer
A. There is a notable variance between the repayment amount that you reported and the amount that Kiva expects.Explanation
A warning indicates that there is a notable variance between the repayment amount that was reported and the amount that Kiva expects. This means that there is a discrepancy between the actual repayment made and the expected repayment amount according to Kiva's records. It could be due to an error in reporting or a mistake in the repayment calculation.Rate this question:
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.png "You posted a loan in PA2 with the repayment schedule shown below (format of collection dates is month/day/year). In your repayment report for January, you report that the borrower has only repaid $50 in principal. What will Kiva invoice you for this loan?")
![Within the Repayment Summary in PA2, what does the “Number of Loans with Repayments in [month]” represent?
- ProProfs](/api/ckeditor_images/repayment_summary_quiz(1).png "Within the Repayment Summary in PA2, what does the “Number of Loans with Repayments in [month]” represent?")
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Oct 06, 2023Quiz Edited by
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Aug 02, 2013Quiz Created by
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